The Investing and Saving Alliance (TISA) has announced that it is developing a blockchain-based utility for the asset management industry. The new solution known as TISA Universal Reporting Network (TURN) is projected to reduce data management costs by 80% to 90% in its first year of operation.

In an announcement posted on its website on Sept. 21, the body revealed that some of the world’s major asset management institutions will be involved in building the platform. The organizations named include Allfunds, Calastone, Deutsche Bank, Fidelity International, Link Group, MFex, and Transact.

Increasing Funds Transparency

TISA is a cross-industry body made up of over 160 member firms across the United Kingdom financial services landscape including banks, investment managers, pensions providers and wealth managers. According to the announcement, the firms participating in the project have data management costs averaging £200,000 (about $254,600, at press time) a year.

With the implementation of TURN, TISA says that this figure will drop to as low as £30,000 (about $38,200, at press time) a year depending on the size of the firm. It also says that this reduction will take place almost immediately, and will be observed within just one year of implementation.

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According to TISA, TURN will deploy blockchain technology to give participating firms increased funds transparency. The platform is also set to make it easier to meet the regulatory reporting requirement of the Markets in Financial Instruments Directive (MIFID II) European framework by providing real time access to EMTs (European MiFID II Template).